Major Maine Business Publication Highlights Maine CUs' Shared Branch Network's Decade Of Growth, Benefits
May 6, 2014
Recently, the Maine Credit Unions' shared branch network celebrated a decade of offering members of participating Maine credit unions the opportunity to conduct most financial transactions at other credit union locations in Maine and across the country at no charge. Mainebiz, one of the state's most-respected business publications, highlighted the growth, benefits and convenience of shared branching in an article marking the network's presence in Maine turning 10.
In the spring of 2004, six Maine credit unions came together to create the shared branch network in Maine with 11 locations. In the ten years since, the network has grown to include nearly 90% of the state’s 61 credit unions with nearly 160 locations in Maine, and more than 5,000 nationwide. Today, the shared branch network in Maine has nearly three times as many branch locations as any single bank in Maine, and is the fourth largest network nationwide.
For credit unions, shared branching is an opportunity to offer significantly more convenience to busy and mobile members through widespread branch access and greater person-to-person contact. It also enables credit unions to expand their opportunities to deepen relationships by providing additional products that add new channels for profitability while reinforcing their value as a primary financial institution.
"Shared branching is an outstanding example of what can be accomplished when there is cooperation and collaboration for the greater good of all, rather than one. As a result, members of most Maine credit unions have access to the largest branch network in Maine, as well as one of the largest nationwide. This was all accomplished in a decade, thanks to cooperation," stated John Murphy, President of the Maine Credit Union League, in the article.
For more information and shared branch locations in Maine and nationwide, visit mainecreditunions.org.